Whereas the Reserve Bank of India (RBI) has increased the debt burden on the general public. On the other hand, great relief has also been given. RBI has announced to link credit cards with UPI (Unified Payment Interface). It all started with the credit card. RBI Governor Shaktikanta Das today approved Rupee credit card payment through UPI. Shaktikanta Das made this announcement at the Monetary Policy Review press conference.
What facilities are available now?
Note that currently, UPI users facilitate transactions by linking a savings or current account through a debit card. Das said the new system is expected to provide more opportunities and convenience to customers to make payments through the UPI platform. RBI Governor Shaktikanta Das said that there are currently over 260 million users and 50 million merchants on the UPI platform. In May 2022 alone, 594.63 crore transactions worth Rs 10.40 lakh crore were done by UPI.
What did RBI say?
Das also said that the central bank will ensure adequate liquidity or cash availability to strengthen the economy. He said, “In the near future, the excess cash given due to the pandemic will be brought back to normalcy in a few years. At the same time, however, the central bank will ensure that sufficient liquidity is available for the productive needs of the economy.
Important decisions of RBI
Here are the highlights of the third bi-monthly financial review for the current fiscal, released by Reserve Bank of India Governor Shaktikanta Das on Wednesday.
The repo rate rose by 0.50 per cent to 4.9 per cent. This is the second hike in the repo rate in five weeks.
Inflation forecast for the current fiscal has increased to 6.7 per cent from 5.7 per cent.
The economic growth forecast for 2022-23 remains unchanged at 7.2 percent.
The credit card will be linked with UPI. Credit cards will be added first.
To allow rural co-operative banks to lend to the commercial real estate sector.
Urban co-operative banks will be able to offer home banking services.
Self-payment for essential services at regular intervals through electronic means has been increased from Rs 5,000 to Rs 15,000.